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Exam 2: Managerial Accounting and Cost Concepts

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Question 21

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Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August.The beginning balance in the raw materials inventory account was $33,000.During the month,the company made raw materials purchases amounting to $62,000.At the end of the month,the balance in the raw materials inventory account was $30,000.Direct labor cost was $46,000 and manufacturing overhead was $74,000.The beginning balance in the work in process account was $13,000 and the ending balance was $19,000.The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000.Sales totaled $270,000.Selling expense was $18,000 and administrative expense was $49,000. -The cost of goods sold for August was:

A) $175,000
B) $183,000
C) $138,000
D) $274,000

E) B) and D)
F) A) and D)

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Question 22

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Lavell Corporation reported the following data for the month of February: -The cost of goods sold for February was:

A) $225,000
B) $134,000
C) $184,000
D) $127,000

E) C) and D)
F) B) and D)

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Question 23

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Managerial accounting places less emphasis on nonmonetary data than financial accounting.

Prime cost consists of direct materials combined with:

Managerial accounting:

Tart Corporation reported the following data for the month of September: -The prime cost for September was:

A number of costs and measures of activity are listed below. Required: For each item above,indicate whether the cost is MAINLY fixed or variable with respect to the possible measure of activity listed next to it.

The cost of fire insurance for a manufacturing plant is generally considered to be a:

A partial listing of costs incurred at Peggs Corporation during September appears below: -The total of the period costs listed above for September is:

Henscheid Corporation leases its corporate headquarters building.This lease cost is fixed with respect to the company's sales volume.In a recent month in which the sales volume was 33,000 units,the lease cost was $283,800. -To the nearest whole dollar,what should be the total lease cost at a sales volume of 35,300 units in a month? (Assume that this sales volume is within the relevant range. )

In October,Ringler Corporation had sales of $273,000,selling expenses of $26,000,and administrative expenses of $47,000.The cost of goods manufactured was $183,000.The beginning balance in the finished goods inventory account was $45,000 and the ending balance was $34,000. Required: Prepare an Income Statement in good form for October.

The following data pertain to Harriman Company's operations during July: -The beginning work in process inventory was:

Gabrisch Inc.is a merchandising company.Last month the company's merchandise purchases totaled $90,000.The company's beginning merchandise inventory was $13,000 and its ending merchandise inventory was $22,000.What was the company's cost of goods sold for the month?

Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August.The beginning balance in the raw materials inventory account was $33,000.During the month,the company made raw materials purchases amounting to $62,000.At the end of the month,the balance in the raw materials inventory account was $30,000.Direct labor cost was $46,000 and manufacturing overhead was $74,000.The beginning balance in the work in process account was $13,000 and the ending balance was $19,000.The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000.Sales totaled $270,000.Selling expense was $18,000 and administrative expense was $49,000. -The total manufacturing cost for August was:

Ruggeri Corporation reported the following data for the month of July: -The cost of goods manufactured for July was:

Nadell Corporation reported the following data for the month of April: -If the raw materials purchased during April totaled $63,000,what was the cost of the raw materials used in production for the month?

Mire Corporation staffs a helpline to answer questions from customers.The costs of operating the helpline are variable with respect to the number of calls in a month.At a volume of 29,000 calls in a month,the costs of operating the helpline total $171,100. -To the nearest whole cent,what should be the average cost of operating the helpline per call at a volume of 27,500 calls in a month? (Assume that this call volume is within the relevant range. )

Mire Corporation staffs a helpline to answer questions from customers.The costs of operating the helpline are variable with respect to the number of calls in a month.At a volume of 29,000 calls in a month,the costs of operating the helpline total $171,100. -To the nearest whole dollar,what should be the total cost of operating the helpline costs at a volume of 31,200 calls in a month? (Assume that this call volume is within the relevant range. )

Dagg Corporation reported the following data for the month of October: -The cost of goods manufactured for October was:

During August,the cost of goods manufactured was $73,000.The beginning finished goods inventory was $15,000 and the ending finished goods inventory was $21,000.What was the cost of goods sold for the month?